World Bank chief says 1.2B young people to look for jobs in next decade

By Ovunc Kutlu

ISTANBUL (AA) - World Bank Group President Ajay Banga said 1.2 billion young people in emerging markets will be looking for a job over the next 10 years.

"This generation is facing a job market that is projected to only offer spots for 420 million of them, leaving nearly 800 million without a clear path to prosperity," he told the Lowy Institute in Sydney, Australia on Tuesday.

"That is why we need all shoulders at the wheel – governments, philanthropies, and multilateral development banks working together," he added.

Banga called on for need of the private sector to close the financing and jobs gap.

"We require their ingenuity, speed, and resources to create the demand for investment by generating bankable projects," he said.

The World Bank chief said the international organization has launched an initiative aimed at generating jobs, led by President Tharman Shanmugaratnam of Singapore and Former President Michelle Bachelet of Chile.

He said they will lead a group of business leaders, civil society, and academics who will meet for the first time at the World Bank's annual meetings in October in order to design strategy to create jobs for young people focused on energy, infrastructure, agribusiness, health, and tourism.